The stats (which by the way are massaged by the Gahbrament and one can check out many articles on this including those by Mr. Leong Sze Hian) do lie or shall I say do not paint the complete picture.
By the way, Singapore is right at bottom of some happiness index. If the figures say it all, then Sinkies must be crazy people or more likely Sinkies are not crazy and the figures mask many unsavoury things. And yes, Sinkies are ball-less.
Well the political cost is yet to be known and may rise as the years go by hopefully before it's too late. In any case, in a democracy, what kind of welfare system the country should have ought to be decided by the people and not by any political party regardless of how dominant it has become due to dirty tricks, et cetera.
I didn't say you were, but should you happen to lose all your money due to some unforeseen circumstance and all your children have yet to become wage earners or God forbid do not live up to the Confucian ideal, then you will count your lucky stars that in addition to a great climate, New Zealand also has a comprehensive welfare system.
By the way, we are discussing the utility of a welfare system to a country and not whether any particular individual might need it or not due to his own peculiar set of circumstances. Like you I don't need the welfare system personally, but I recognise its utility at a macro level.